First Quarter Market Update

Today we’re going to be comparing the first quarter market stats from 2016 to 2017.

Starting in Wildwood, there are 256 active listings, which is a 4% decrease from 2016. 44 properties have sold so far this year, which is a 7% increase from last year, but the average sale price is down 9%.

In North Wildwood, there are 259 active listings, which is a 4% decrease from last year. 59 properties have sold, which is a 20% increase, but the average sale price is down 7%.

In Wildwood Crest, there are 228 active listings, which is a 6% decrease from last year. 54 properties have sold and the average sale price is down 9%.

In West Wildwood, there are 26 active listings, which is a 10% decrease from 2016. Five properties have sold which is almost double the amount that sold at this time last year, but the average sale price is down 19%.

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If you’re a seller, it’s time to rock and roll.

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Moving offshore, in North Cape May there are 39 active listings, which is a 1% decrease from last year. 22 properties have sold and the average sale price is down 3%. However, the days on market is down 15 days.

In Cape May Court House, the average sale price is down 8%, but the days on market is very stable.

The number of homes sold in the Upper Township has seen a major jump in the number of homes sold with a 47% increase since 2015. Right now there are 173 active listings, and home values saw a 26% decrease from last year.

In Sea Isle City, there are 157 active listings and the number of homes sold has remained the same and home values increased by 4%.

In Ocean City, there are 728 active listings but there has only been a 1.5% increase in homes sold. Property values have actually jumped by 16%!

Right now buyers have inventory and value to choose from. For sellers, it’s rock and roll time. Get your homes out there on the market.

If you have any questions, give us a call or send us an email. We look forward to hearing from you!